Vancouver, B.C., December 19, 2024 – Entrée Resources Ltd. (TSX:ETG; OTCQB:ERLFF – the “Company” or “Entrée”) is pleased to announce that today a partial final award (the “Award”) was made by the three-member international arbitration Tribunal appointed in connection with the Company’s binding arbitration proceedings against its joint venture partner Oyu Tolgoi LLC (“OTLLC”) and Turquoise Hill Resources Ltd. (together, the “Respondents”). The Tribunal has ruled in favor of Entrée on all issues and dismissed the Respondents’ counterclaims.

Stephen Scott, the Company’s President & CEO commented, “This Award represents a tremendous outcome for the Company and provides much needed certainty for all Oyu Tolgoi project stakeholders as we endeavor to keep Lift 1 Panel 1 development work on schedule.”

The Company commenced proceedings on May 26, 2022, to seek declarations and orders for specific performance relating to certain provisions of the amended 2004 Equity Participation and Earn-in Agreement (the “Earn-in Agreement”) and Joint Venture Agreement (the “JVA”) with OTLLC. The Tribunal issued final and binding declarations that:

OTLLC is obligated to provide to Entrée an executed copy of the JVA, in the form appended to the Earn-in Agreement, subject only to any amendments to its terms that Entrée and OTLLC mutually agree;

OTLLC is obligated to facilitate and accept the transfer of the Shivee Tolgoi and Javhlant mining licenses (the “Licenses”) for the Entrée/Oyu Tolgoi joint venture as required by the JVA; and

Any taxes and fees assessed on the transfer of the Licenses are subject to the terms of the JVA, with OTLLC contributing Entrée’s 20% share as a loan under Section 10.1 of the JVA.

The Tribunal also reserved Entrée’s claims for specific performance, and in the alternative equitable damages, and the issue of costs, to a subsequent award.

The Company is currently considering potential next steps and will update the market in due course.

ABOUT ENTRÉE RESOURCES LTD.

Entrée Resources Ltd. is a well-funded Canadian mining company with a unique carried joint venture interest on a significant portion of one of the world’s largest copper-gold projects – the Oyu Tolgoi project in Mongolia. Entrée has a 20% or 30% carried participating interest in the Entrée/Oyu Tolgoi joint venture, depending on the depth of mineralization. Horizon Copper Corp. and Rio Tinto are major shareholders of Entrée, beneficially holding approximately 24% and 16% of the shares of the Company, respectively. More information about Entrée can be found at www.EntreeResourcesLtd.com.

FURTHER INFORMATION

David Jan
Investor Relations
Entrée Resources Ltd.
Tel: 604-687-4777 | Toll Free: 1-866-368-7330
E-mail: djan@EntreeResourcesLtd.com

Share price d.d. 31/12/2022 C$ 1,19 en d.d. 20/12/2024 C$ 2,50